Independent Nickel Corp.
TSX : INI

Independent Nickel Corp.

May 12, 2008 08:32 ET

Independent Nickel Corp. Confirms New Discovery Situated Within Its Lynn Lake Nickel Property; New Drilling Extends Discovery Zone

SUDBURY, ONTARIO--(Marketwire - May 12, 2008) - Independent Nickel Corp. (TSX:INI) today announced the completion of a land survey confirming INI's interpretation of its shared property boundary with Western Areas NL (TSX:WSA) at Lynn Lake, Manitoba. The results of the legal survey show that all of the mineralization intersected by the four Western Areas drill holes resides within the limits of Independent Nickel's property. The survey was completed by independent Manitoba land surveyors, Balchen and Kulchycki Surveys of Dauphin, Manitoba.

Western Areas is also in receipt of the survey results and has acknowledged that the original four discovery drill hole intersections drilled by Western Areas were collared approximately 38m on the Independent Nickel side of the property boundary.

Following up on the four discovery holes, Independent Nickel immediately mobilized a diamond drill to the area and has completed 10 new drillholes to date. Mineralization was encountered in eight holes and has been logged, sampled and sent off for assaying. Assay results are pending. However, highlights of mineralized intersections encountered in these eight new holes are as follows:

- LLN-034 intersected 17 meters of uniformly distributed and heavily disseminated mineralization from 87 meters down hole.

- LLN-035 intersected 12 meters of uniformly distributed and heavily disseminated mineralization from 68 meters down hole.

- LLN-036 intersected 10 meters of uniformly distributed and moderately disseminated mineralization from 77 meters down hole.

- LLN-037 intersected 9 meters of uniformly distributed and moderately disseminated mineralization from 57 meters down hole.

- LLN-039 intersected 2 meters of mineralization which is associated with a geological structure.

- LLN-040 intersected 6 meters of uniformly distributed and moderately disseminated mineralization from 89 meters down hole. This zone occurs within a 21 meter interval of variably mineralized stringer and disseminated sulphides from 84 meters down hole.

- LLN-041 intersected 11 meters of uniformly distributed and moderately disseminated mineralization from 70 meters down hole. This zone occurs within a 26 meter interval of variably mineralized stringer and disseminated sulphides from 54 meters down hole.

- LLN-043 intersected 49 meters of uniformly distributed and moderately disseminated mineralization from 108 meters down the hole. This zone occurs within a 112 meter interval of variably mineralized stringer and disseminated sulphides from 49 meters down hole.

LLN-042 intersected weakly disseminated mineralization interpreted as representing the outer fringes of the main zone. LLN-038 was aborted for technical reasons.

To date, the boundary zone mineralization has been drilled over a strike length of approximately 50 meters. Drilling has intersected the zone over a distance of 50 meters down dip. The true thickness of the zone is estimated to average 15 meters. The zone remains open along strike to the east and west, as well as down dip. The most recently completed hole, LLN-043, intersected a very broad zone of mineralization and highlights the potential for continuity of mineralization along strike to the west.

Independent Nickel geologists have now had an opportunity to examine the original four discovery intersections (see Independent Nickel Corp. press release dated April 28, 2008) in detail and to provide descriptions of the nature of the mineralization as follows:

- LL015 intersected 18m @ 1.5% nickel, 0.7% copper and 0.04% cobalt characterized by uniformly distributed and heavily disseminated sulphide in amphibolite;

- LL016 intersected 14m @ 1.4% nickel, 0.7% copper and 0.03% cobalt. characterized by uniformly distributed and heavily disseminated sulphide in amphibolite;

- LL017 intersected 22m @ 0.7% nickel, 0.4% copper and 0.02% cobalt characterized by uniformly distributed and moderately disseminated sulphide in amphibolite;

- LL018 intersected 5m @ 1.1% nickel, 0.6% copper and 0.03% cobalt characterized by remobilized and sheared sulphides associated with a structural contact.

The following three figures, illustrating the location of drill holes and mineralization, can be accessed by following their respective links:

- Figure 1 - Plan view (To view figure 1, please visit the following link: http://media3.marketwire.com/docs/INI0512_1.pdf)

- Figure 2 - Cross section (To view figure 2, please visit the following link: http://media3.marketwire.com/docs/INI0512_2.pdf)

- Figure 3 - 3D view (To view figure 3, please visit the following link: http://media3.marketwire.com/docs/INI0512_3.pdf)

Independent Nickel is continuing to drill to test the lateral and depth extent of mineralization and to ascertain the structural controls on the mineralized zone. The Company's exploration efforts are now focused on delineating the full extents of mineralization in the discovery area.

About Independent Nickel Corp.

Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.

Assay lengths reported in this release are core lengths. Due to the irregular nature of some of the orebodies at Lynn Lake, true mineralized widths cannot be determined at this time.

Samples of half core from the drill holes described in this release are prepared and analyzed by ALS Chemex in Vancouver for nickel, copper, cobalt and other elements. Core samples are crushed and pulverized to 90% passing 75 microns then analyzed for nickel by ore grade determination using the ME-OG62 method. The Qualified Person responsible for the technical content of this news release is Richard Murphy, P. Geo., President and CEO of Independent Nickel Corp.

This document may contain forward-looking statements relating to Independent Nickel Corp.'s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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